PakGazette– Bitcoin struggled for direction on Thursday and moved in a tight range after two consecutive sessions of gains, while investors remained cautious due to macroeconomic pressures following the US Federal Reserve’s hawkish turn. .
It fell 0.1% to $98,124.6 at 01:35 a.m. (CET) (06:35 GMT).
It fell below the key $100,000 mark last week after Federal Reserve officials signaled a slower pace for future cuts.
Bitcoin Loses Momentum After Two Consecutive Days of Gains
The token was up nearly 5% in the previous two sessions but failed to continue the positive momentum on Thursday as investors became cautious about the prospects for speculative assets like cryptocurrencies after the Federal Reserve signaled fewer rate cuts. interest rates in 2025.
Last week, Bitcoin recorded its first weekly decline since Trump’s election victory in early November, after the Federal Reserve meeting halted the post-election rally.
The rally had taken prices to an all-time high of $108,244.9, after which prices fell due to profit-taking amid macroeconomic pressures induced by the Federal Reserve’s rate outlook.
The central bank cut rates by 25 basis points but signaled just two rate cuts for next year, compared with earlier expectations of four cuts.
This shift led investors to reevaluate their positions in speculative assets like Bitcoin, which contributed to its price decline.
Russia uses Bitcoin in foreign trade
Russian companies have begun using Bitcoin and other cryptocurrencies for international payments after legislative changes allowed their use to help mitigate the impact of Western sanctions, Finance Minister Anton Siluanov said on Wednesday.
Sanctions have made trade with key partners such as China and Turkey more challenging, as local banks exercise extreme caution with Russia-related transactions to avoid attracting scrutiny from Western regulators.
In response, Russia legalized the use of cryptocurrencies in foreign trade this year and has initiated measures to regulate cryptocurrency mining, including Bitcoin. As the world leader in Bitcoin mining, the country is taking advantage of its position to navigate economic restrictions.
Crypto Price Today: Most Altcoins Down
Other cryptocurrencies fell on Thursday as demand for speculative assets was still subdued after the Federal Reserve’s hawkish stance shook investor sentiment.
The world’s No. 2 cryptocurrency fell 1.3% to $3,443.05. Ether has gained in the last three sessions but has not been able to fully recover from last week’s drop.
The world’s No. 3 cryptocurrency fell 2% to $2.2462.
fell 2.2% and fell 4.6%, while it fell 3.3%. Among meme tokens, it lost 2%.
